Australians prefer to protect cars over themselves
Source: Asia Insurance Review | Jan 2025
Australians are now almost three times more likely to insure their car instead of their biggest asset – themselves and their earning potential – with new research revealing a deepening national crisis in access to affordable financial advice.
Independent research commissioned by the Council of Australian Life Insurers (CALI) surveying more than 5,000 working Australians shows that on average, almost 80% of people have car insurance while just a third have life insurance.
“The advice accessibility crisis in this country is leaving far too many people underinsured and unprotected when it comes to their future financial security,” said CALI CEO Christine Cupitt.
“The advice needs of Australians are not being met, particularly for those who can’t afford to pay for a financial adviser in a cost of living crisis.”
As Australians face ongoing cost of living pressures, the research also reveals what people are most likely to cut from their budgets. Almost half of people surveyed say they would forgo additional superannuation contributions first, impacting their future financial health.
On average, working Australians are almost three times more likely to cut life insurance from their budget compared to cover for their car or home. A